According to Julius Baer’s 2026 Global Wealth and Lifestyle Report, Singapore retains its position as the world’s most expensive city for high-net-worth individuals for the fourth consecutive year, while the Swiss city of Zurich ranks second, ahead of Monaco, London, and Hong Kong.
The ranking does not measure the traditional cost of living. It is based on a selection of twenty goods and services consumed by High Net Worth Individuals (HNWIs) analyzed across twenty-five global cities: residential real estate, automobiles, jewelry, watches, private schools, luxury hotels, fine dining, business-class travel, and private healthcare management. This year, this basket of goods and services recorded an average increase of 10.2%, while certain categories skyrocketed—such as jewelry (+16.4%) and watches (+15.5%)—driven by rising gold prices and consistently strong demand.
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Zurich and Singapore: A Rare Combination of Private Wealth and Stability
Singapore meets all the criteria sought by major international wealth holders. The city-state is home to nearly 245,000 millionaires and has become Asia’s leading wealth management hub. It attracts entrepreneurs and investors seeking a stable political environment, attractive tax rates, and predictable regulations.
Zurich, for its part, follows a similar logic. Switzerland’s financial capital benefits from the Swiss franc’s status as a safe-haven currency in an international context marked by geopolitical tensions and uncertainties. The concentration of private banks, asset management firms, insurers, and high-value-added services results in high prices. High-net-worth individuals accept these conditions in order to benefit from political and financial stability.
Today, the canton of Zurich is home to approximately 105,000 millionaires, making it one of Europe’s leading wealth hubs. The 2025 Henley Ranking listed 10 billionaires there. Switzerland also remains the country with the highest average wealth per adult in the world, at more than 630,000 euros, according to data from UBS.
The United States: Notably Absent From the Top 10
For the first time in three years, no U.S. city appears in the top 10, primarily due to the dollar’s depreciation against major currencies, despite a sharp rise in prices in the local market. North America, however, is experiencing robust wealth creation, with 47% of high-net-worth individuals reporting a significant increase in the value of their assets.
More than just an indicator, the ranking highlights the new geography of luxury. Major cities capable of offering a secure environment, premium services, and a high-performing financial ecosystem continue to attract high net worth individuals and investments in the sector.
Key Points:
• For the fourth consecutive year, Singapore retains its position as the world’s most expensive city for high-net-worth individuals to spend money, ahead of Zurich, Monaco, London, and Hong Kong.
• The cost of goods and services consumed by HNWIs rose by an average of 10.2% in 2026, with sharp increases in jewelry (+16.4%) and watches (+15.5%), driven by rising gold prices and sustained demand.
• For the first time in three years, no city in the Americas appears in the top 10, due in particular to the weak dollar, while Singapore and Zurich are strengthening their appeal to high-net-worth individuals thanks to their economic and financial stability.
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